GHENVA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GHENVA
Largest movements
- Cash +€193,369
up €193,369 (+48.7%), from €397,428 to €590,797
mainly Debts after one year (+€200,372) and Net result for the year (+€162,263)
- Stocks and contracts -€29,718
down €29,718 (-7.5%), from €395,605 to €365,886
- Tangible fixed assets -€13,644
down €13,644 (-17.5%), from €77,985 to €64,340
- Other debts -€212,039
down €212,039 (-98.0%), from €216,427 to €4,388
- Debts after one year +€200,372
up €200,372 (+132%), from €151,647 to €352,019
- Reserves +€160,597
up €160,597 (+50.8%), from €315,941 to €476,538
- Tax, wage and social debts -€74,677
down €74,677 (-88.8%), from €84,112 to €9,435
of which Taxes: -€75,759
- Current portion of long-term debt +€54,080
up €54,080 (+587%), from €9,211 to €63,291
- Gross operating margin -€87,941
down €87,941 (-24.8%), from €354,683 to €266,742
- Taxes -€26,720
down €26,720 (-32.4%), from €82,353 to €55,632
- Financial charges +€14,964
up €14,964 (+158%), from €9,441 to €24,405
- Depreciation +€6,070
up €6,070 (+44.1%), from €13,760 to €19,830
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €890,938 | €1,038,528 | +€147,590 | +16.6% |
| Fixed assets | 21/28 | €77,985 | €64,340 | -€13,644 | -17.5% |
| Tangible fixed assets | 22/27 | €77,985 | €64,340 | -€13,644 | -17.5% |
| Furniture and vehicles | 24 | €77,985 | €64,340 | -€13,644 | -17.5% |
| Current assets | 29/58 | €812,953 | €974,187 | +€161,234 | +19.8% |
| Stocks and contracts in progress | 3 | €395,605 | €365,886 | -€29,718 | -7.5% |
| Stocks | 30/36 | €395,605 | €365,886 | -€29,718 | -7.5% |
| Amounts receivable within one year | 40/41 | €17,265 | €14,299 | -€2,966 | -17.2% |
| Trade receivables | 40 | €14,065 | €3,272 | -€10,793 | -76.7% |
| Other amounts receivable | 41 | €3,200 | €11,027 | +€7,827 | +245% |
| Cash at bank and in hand | 54/58 | €397,428 | €590,797 | +€193,369 | +48.7% |
| Deferred charges and accrued income | 490/1 | €2,656 | €3,205 | +€550 | +20.7% |
| Total equity and liabilities | 10/49 | €890,938 | €1,038,528 | +€147,590 | +16.6% |
| Equity | 10/15 | €355,941 | €516,538 | +€160,597 | +45.1% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €315,941 | €476,538 | +€160,597 | +50.8% |
| Distributable reserves | 133 | €315,941 | €476,538 | +€160,597 | +50.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €534,997 | €521,990 | -€13,007 | -2.4% |
| Amounts payable after more than one year | 17 | €151,647 | €352,019 | +€200,372 | +132% |
| Financial debts | 170/4 | €151,647 | €352,019 | +€200,372 | +132% |
| Amounts payable within one year | 42/48 | €375,400 | €149,569 | -€225,831 | -60.2% |
| Current portion of amounts payable after more than one year | 42 | €9,211 | €63,291 | +€54,080 | +587% |
| Financial debts | 43 | - | €25,104 | +€25,104 | |
| Credit institutions | 430/8 | - | €25,104 | +€25,104 | |
| Trade debts | 44 | €65,649 | €47,350 | -€18,299 | -27.9% |
| Suppliers | 440/4 | €65,649 | €47,350 | -€18,299 | -27.9% |
| Taxes, remuneration and social security | 45 | €84,112 | €9,435 | -€74,677 | -88.8% |
| Taxes | 450/3 | €83,151 | €7,392 | -€75,759 | -91.1% |
| Remuneration and social security | 454/9 | €962 | €2,043 | +€1,081 | +112% |
| Other amounts payable | 47/48 | €216,427 | €4,388 | -€212,039 | -98.0% |
| Accrued charges and deferred income | 492/3 | €7,950 | €20,403 | +€12,452 | +157% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,760 | €19,830 | +€6,070 | +44.1% |
| Other operating charges | 640/8 | €7,877 | €4,759 | -€3,118 | -39.6% |
| Gross operating margin | 9900 | €354,683 | €266,742 | -€87,941 | -24.8% |
| Operating profit (loss) | 9901 | €333,046 | €242,153 | -€90,893 | -27.3% |
| Financial income | 75/76B | €193 | €148 | -€45 | -23.5% |
| Recurring financial income | 75 | €193 | €148 | -€45 | -23.5% |
| Financial charges | 65/66B | €9,441 | €24,405 | +€14,964 | +158% |
| Recurring financial charges | 65 | €9,441 | €24,405 | +€14,964 | +158% |
| Profit (loss) for the period before taxes | 9903 | €323,797 | €217,895 | -€105,902 | -32.7% |
| Income taxes | 67/77 | €82,353 | €55,632 | -€26,720 | -32.4% |
| Profit (loss) for the period | 9904 | €241,445 | €162,263 | -€79,182 | -32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €241,445 | €162,263 | -€79,182 | -32.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.